I'm 49, and starting to feel real stress about retirement, and whether I'll have enough money to live on. I've worked all my life and currently have a stable job as a marketing content strategist, with a good income and 401(K), etc. However, every month I get my 401(k) statement and the amount doesn't seem like nearly enough to support me for who knows how many years. That retirement stress led me to read Rich Dad, Poor Dad, like many others on this site, and then I got online and found BiggerPockets and have been reading voraciously since then.

I am new to the concept of real estate investing, but after reading many, many blog posts and forum discussions, I'm thinking that I'd like to do some house hacking by living in a duplex or triplex, and then start finding buy-and-hold multifamily properties. Property seems very expensive here in Salt Lake City, compared with salaries and cost of living, and I haven't ever bought a house because I could never afford to buy in the areas I wanted to live.

But now that I'm looking at real estate investing, the location doesn't seem to matter so much anymore. I have some savings and very low living expenses (although I do have a student loan--my final debt), and am trying to figure out if I should look for something to buy now here in SLC or hold on until I move to Urbana, Illinois, which I'm planning to do next summer to be closer to family. I could get more property for my money in IL but if prices are continuing to go up here in new developments, maybe I could make more with something here?

I've researched a lot, but I know there are some big holes in my knowledge--such as where I can find information about the real estate market in specific cities. How can I gauge the markets in Urbana and SLC to know where my money would be best spent? Also, how big of a cash cushion should I have before getting into a multifamily deal?

Ultimately, my short-term goal (within a year) is to acquire a multifamily property that I will live in to offset/zero out my personal mortgage payment responsibility, then use that "extra" income to pay off my student loan faster. My long-term goal is to gradually acquire enough B&H properties and build up a yearly cash flow (and equity) that will allow me to quit my day job. I'd like to be able to do that in 10 years or less. I don't know enough to say for sure whether that's realistic.

Anyway, hello and thanks for this great site--I've learned SO much in very little time! :)

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Brand New in Salt Lake City (but relocating in early 2018)

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